IEA: Global Electric Vehicle Report 2022

The IEA released the "Global Electric Vehicle Report 2022", and electric vehicle sales continued to break records, but mineral supply constraints are imminent.

Few clean energy sectors in the world are as dynamic as the electric vehicle market. In 2021, electric vehicle (EV) sales doubled from the previous year to a new record of 6.6 million units. Back in 2012, only 120,000 EVs were sold worldwide. By 2021, sales exceeded that number every week. Nearly 10% of global car sales in 2021 were electric vehicles, four times the market share in 2019. This brings the total number of electric vehicles on the world's roads to approximately 16.5 million, three times the number in 2018. Global EV sales continued to grow strongly in 2022, with 2 million units sold in the first quarter, up 75% from the same period in 2021.

The success of electric vehicles is driven by a number of factors. Continued policy support is the main pillar. In 2021, public spending on electric vehicle subsidies and incentives almost doubled to nearly $30 billion. An increasing number of countries have pledged to phase out internal combustion engines or set ambitious vehicle electrification targets in the coming decades. At the same time, many automakers plan to electrify their fleets, which goes further than policy targets. Finally, the number of new electric vehicle models in 2021 was five times that of 2015, which increased their appeal to consumers. There are about 450 electric vehicle models available on the market.

The growth in electric vehicle sales in 2021 was mainly driven by China, which accounted for half of the increase. Sales in China in 2021 (3.3 million units) exceeded global sales in 2020. After the boom in 2020, sales in Europe continued to grow strongly, increasing by 65% ​​to 2.3 million units, and sales in the United States also rebounded after two years of decline. Compared with the first quarter of 2021, the first quarter of 2022 showed a similar trend, with sales in China more than doubling, the United States increasing by 60%, and Europe increasing by 25%.

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